Hindustan Petroleum Corporation Limited * Stock Analysis Contents About Hindustan Petroleum Corporation Limited 4 The Indian Oil and Gas Industry Overview – Why the industry is Superior 4 About the industry 4 Yearly Consumption 5 Yearly Domestic Production 6 Imports 7 Industry Prospects 8 HPCL – Superior Business from Superior Industry 9 Industry Growth vs Overall Economy Growth 10 HPCL’s Profitability vs other Players in the Industry 10 Net Profit Margin 11 Return
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Chapter 10 Bond Prices and Yields Multiple Choice Questions 1. The invoice price of a bond is the ______. A. stated or flat price in a quote sheet plus accrued interest B. stated or flat price in a quote sheet minus accrued interest C. bid price D. average of the bid and ask price 2. Sinking funds are commonly viewed as protecting the _______ of the bond. A. issuer B. underwriter C. holder D. dealer 3. A collateral trust bond is _______. A. secured by other
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GAINESBORO MACHINE TOOLS CORPORATION Teaching Note Synopsis and Objectives Other cases in which dividend policy is an important issue: “Deutsche Brauerei,” (Case 11) In mid September 2005, Ashley Swenson, the chief financial officer (CFO) of a large computer-aided design and computer-aided manufacturing (CAD/CAM) equipment manufacturer needed to decide whether to pay out dividends to the firm’s shareholders, or to repurchase stock. If Swenson chose to pay out dividends, she would have
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South-Eastern Europe Journal of Economics 2 (2006) 129-146 EXCHANGE RATE RISK MEASUREMENT AND MANAGEMENT: ISSUES AND APPROACHES FOR FIRMS MICHAEL G. PAPAIOANNOU, Ph.D. International Monetary Fund Abstract Measuring and managing exchange rate risk exposure is important for reducing a firm’s vulnerabilities from major exchange rate movements, which could adversely affect profit margins and the value of assets. This paper reviews the traditional types of exchange rate risk faced by firms, namely
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Student Research This report is published for educational purposes only by students competing in the CFA Institute Research Challenge. Food and Beverages ORIOR GROUP Recommendation: ● BUY Price Target: ● CHF55.31 Ticker: ● ORON Price: ● CHF46.5 (01 Dec 11) Year EPS (CHF) P/E ratio 2010 4.55 10.2 2011E 3.53 13.2 2012E 3.71 12.5 Source: Company data and self estimated Highlights • Buy recommendation with a target price of CHF 55.3, offering a 19% upside from current stock price as of
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PART 1. Estimate the value of AEM and its equity value. Step 1. Estimate free cash flow In DCF model, the first step is to forecast the cash flows. Given the seven-year projections of AME’s free cash flow shown in Exhibit 9, related free cash flows are organized in table 1. Line 4 through 13 show a simplified income statement for AEM. Depreciation is a noncash expense. Includes depreciation is because it may impact on taxable amount. Line 14 adds depreciation back to generate the free cash flow
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1.4 The macroeconomic impacts of oil price shocks 1.4.1 A short history of a controversial topic Since the 1973 OPEC (Organization of Petroleum Exporting Countries) oil embargo, the role of rapid, unanticipated increases in oil prices has been a topic of intense interest, among both economists and the lay public. Considering the magnitude of widespread national recessions during the 1970s, the controversy surrounding research on the macroeconomics of oil price shocks may seem surprising:
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Hochschule für Wirtschafts-, Rechtsund Sozialwissenschaften sowie Internationale Beziehungen Monetary Economics Outsourcing Monetary Policy An essay by the example of El Salvador and Montenegro Marisa Wenk (11-608-387) Charlene (Yi Hsuan) Jung (13-602-693) Vincenz Jahn (09-610-734) Prof. Dr. Carlo Strub 19. Dezember 2013 Table of Content 1. Introduction ..........................................................................................................................................
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three years. That said, the forecast was premised on activity in the advanced economies picking up sufficiently to offset a slowing in the emerging market growth and this appears to be playing out. China’s slowdown creates anxiety Market Volatility Index (VIX) Index 45 40 35 30 25 20 15 10 5 2013 2014 2015 Increased anxiety about China’s economy and the stability of its financial markets fuelled concerns about global growth and international trade. Reports of weakening
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environment, strategy and size. One of its key strengths is a congruence approach that it represents, whereby assuming context determines the structure of the organisation without any examination of the effects of this relationship on performance. It is implied that performance is determined by a natural selection process. A process where only the best performing organisations will survive at any point of time and those which survive often best acclimatise to its context (Gerdin and
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